Control or regulator valves for cable reels are known in the prior art. However, such prior art valves are not entirely satisfactory and are generally quite complex and expensive and are not generally easily repairable. Moreover, such prior art reel regulator valves will not ordinarily bypass the pump port pressure unless the motor port pressure exceeds the pump port pressure. In the present arrangement, as aforementioned, the regulator valve is such that the pump pressure is automatically bypassed to reservoir when the cable reel is stopped or stalled.